US nonfarm payrolls data, due out later on Friday, is expected to show that US employers added 210,000 jobs in April, a huge jump from March’s addition of just 192,000 jobs. If the data falls in line with expectations, it will mark the country’s fastest hiring pace in more than four months. The jobs data will be a huge driver of market sentiment as most are hoping that the figure will confirm that the US’ poor economic data from the first quarter was the result of a severe winter and not an indication that the nation’s economy was falling off track.
In other news around the markets:
- On Friday, Pfizer announced that it had raised its offer to acquire AstraZeneca Plc to $106 billion. If the deal is carried out, it will create the world’s largest pharmaceuticals company and give Pfizer several tax breaks. According the Pfizer, AstraZeneca is in the process of reviewing the proposal.
- Twitter shares have been on a steady decline since they peaked in December, causing many investors to regret purchasing the stock on the advice of Goldman Sachs Group and Deutsche Bank. The company had lost nearly $18 billion of its market capitalization on Wednesday with share prices down to $37.24, a 50 percent drop from their peak value. The social media firm has seen five quarters of declining users, which has many questioning whether it will be able to turn things around.
- On Friday, the Ukrainian government launched a military operation designed to retake control of Slovyansk, an eastern city that has been taken over by pro-Russian separatists. Rebel groups fought back using grenade launchers and surface-to-air missiles. On Thursday, Russian President Vladimir Putin called for the withdrawal of Ukrainian troops in the southeast, which would essentially surrender the region to pro-Russian separatist control.
- Ford has named Mark Fields as the company’s next CEO, effective on July first. However, many have said that Fields will have big shoes to fill as current CEO Alan Mulally is credited with turning the company’s profitability around and increasing product quality.
Asian markets were mixed, the Japanese NIKKEI and the South Korean KOSPI were down 0.19 percent and 0.12 percent respectively, while China’s Shanghai composite gained 0.30 percent, the Shenzhen composite was up 0.44 percent and the Hang Seng index rose 0.62 percent.
European Markets
European markets were moderately higher with the exception of France’s CAC 40, which lost 0.37 percent. The UK’s FTSE was up 0.03 percent and the eurozone’s STOXX600 gained 0.01 percent. Italy’s MIB was up 0.44 percent and the Spanish IBEX gained 0.13 percent.
Energy futures were mixed; Brent futures gained 0.33 percent and WTI futures were down 0.11 percent. Gold and silver were down 0.98 percent and 0.07 percent respectively and industrial metals were also lower with the exception of copper, which gained 0.08 percent. Aluminum was down 0.83 percent, zinc fell 0.93 percent and tin lost 0.41 percent.
Currency markets were quiet heading into the weekend, the euro held onto its strength at $1.3855 but lost 0.06 percent against the pound. The dollar gained 0.14 percent against the yen and 0.09 percent against the franc.
Earnings
Notable earnings released on Thursday included:
- Exxon Mobil Corporation XOM reported first quarter EPS of $2.10 on revenue of $106.77 billion, compared to last year’s EPS of $1.12 on revenue of $108.81 billion.
- Mastercard Incorporated MA reported first quarter EPS of $0.73 on revenue of $2.18 billion, compared to last year’s EPS of $0.62 on revenue of $1.91 billion.
- Kraft Foods Group, Inc. KRFT reported first quarter EPS of $0.78 on revenue of $4.40 billion, compared to last year’s EPS of $0.76 on revenue of $4.55 billion.
- Kellogg Company K reported first quarter EPS of $1.12 on revenue of $3.70 billion, compared to last year’s EPS of $1.02 on revenue of $3.86 billion.
Stocks moving in the Premarket included:
- General Motors Co GE was up 0.09 percent in premarket trade after gaining 1.22 percent on Thursday.
- Facebook Inc. FB was down 1.37 percent in premarket trade after rising 2.29 percent on Thursday.
Notable earnings releases expected on Friday include:
- Chevron Corporation CVZ is expected to report first quarter EPS of $2.51 on revenue of $54.47 billion, compared to last year’s EPS of $3.18 on revenue of $56.82 billion.
- CVS Corporation CVS is expected to report first quarter EPS of $1.04 on revenue of $32.31 billion, compared to last year’s EPS of $0.83 on revenue of $30.76 billion.
- Estee Lauder Companies, Inc. EL is expected to report first quarter EPS of $0.55 on revenue of $2.49 billion, compared to last year’s EPS of $0.45 on revenue of $2.29 billion.
- Marsh & McLennan Companies, Inc. MMC is expected to report first quarter EPS of $0.80 on revenue of $3.27 billion, compared to last year’s EPS of $0.73 on revenue of $3.13 billion.
Economics
Friday will be another busy day for economic releases including US factory orders, US nonfarm payrolls, the US unemployment rate, the eurozone unemployment rate, British construction PMI and eurozone manufacturing PMI.
For a recap of Thursday’s market action, click here.
<p>Tune into Benzinga’s pre-market info show with Dennis Dick and Joel Elconin <a> http://optionshouse.benzinga.com/pre-market-show/ />here</a>.</p>
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